Russia Embraces Crypto Exchanges for Global Transactions
Russia has been actively shaping its approach to cryptocurrency within the country.
In April, Russia’s Finance Minister Anton Siluanov discussed a new payment system that would incorporate cryptocurrencies.
A recent report from Izvestiya, a Russian media outlet, reveals that the authorities have decided against creating a cryptocurrency exchange. Instead, they are focusing on establishing a framework for the operation and establishment of crypto exchanges.
Anatoly Aksakov, the head of the State Duma committee on the financial market, expressed the view that well-defined rules for crypto exchanges would be more beneficial than a single national exchange.
The intention is to utilize these crypto exchanges for cross-border settlements, enabling compliance with regulations while circumventing sanctions. Aksakov emphasized that the central bank would oversee these exchanges, and the regulations would be included in the draft law on experimental legal regimes.
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Ivan Chebeskov, the director of the financial policy department at the Ministry of Finance of the Russian Federation, clarified that the ministry did not endorse the creation of a single national crypto-exchange.
Instead, they proposed considering legal regulations that would enable businesses to establish such platforms. The department also advocates for comprehensive regulation of cryptocurrencies.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
